Business News of Monday, 9 December 2019
Over 9,000 people have benefited from the micro-credit scheme under the Microfinance and Small Loans Centre (MASLOC) across some of the districts and municipalities in the Eastern Region.
The beneficiaries included petty traders, hairdressers, tailors, seamstresses, farmers, chop bar operators, among others. They are expected to repay the loan with 1% monthly interest within 12 months.
The Eastern Regional Manager of MASLOC, Afreda Aboagye, during the disbursement at Osino in the Fanteakwa South District, said next year MASLOC would give out more to cover those who could not benefit from the loans, this year.
She said that each beneficiary received between GH¢800 and GH¢1000 and added funds were normally targeted at women, especially from various groups/corporative societies, with maximum memberships of 25.
She said President Akufo-Addo had directed a reduction in the interest rate on MASLOC loans from 2% to the current 1% to reflect its purpose of being a poverty alleviation intervention.
She said there had been a mad rush for the loans and they were doing their best to serve every beneficiary.
“Research has shown that over 80% of the Ghanaian economy rests on the SMEs so MASLOC is helping to grow the economy by helping these businesses to flourish,” she stated.
She, however, urged beneficiaries to repay the loans so that others would also benefit. Besides, she urged the public to disregard wild rumours that the authorities engage only NPP members, adding that MASLOC loans are for Ghanaians despite one’s political affiliation.
At Osino, the Member of Parliament for Fanteakwa South, Kofi Okyere-Agyekum, who was present during the disbursement of the funds, advised the beneficiaries to use the loans judiciously.